If you are associated with a job profession and want that your income tax is not deducted for the coming few months, then you can do so. For this, just in time, you have to submit all your tax saving papers as soon as possible. Actually, there are many types of investments where you can get tax rebate by investing. Today we are telling you that 5 places where you can save your income tax by investing.
5-year FD in the bank: If you are investing in FD to save tax, then you will have to invest for a lock-in period of 5 years. If you invest on FDs of less duration than this, then you will not be able to take advantage of tax exemption. Please tell here, you can also earn interest by investing in the bank as FD. The interest that you get after investing in this scheme comes under the tax net.
Tax can be saved by investing in ELSS: Investment in ELSS or Tax Saving Mutual Funds can also be exempted from Income Tax. Actually, ELSS or Tax Saving Mutual Fund comes under the tax deduction. In such a situation, tax exemption can be availed by investing up to one and a half lakh rupees in these schemes in a financial year. Let me tell you, there is a lock-in period of three years in ELSS funds.
Tax exemption on the principal of the home loan: If you have taken a home loan from the bank to buy a house or get your old house repaired and you are paying the loan as EMI, then you will get benefit in tax saving. There is a tax exemption under Principal Amount Section 80C of Home Loan.
Senior Citizen Saving Scheme: Senior Citizen Saving Scheme (SCSS) is a great scheme for income tax exemption for senior citizens in the country. Senior Citizen Saving Scheme offers good interest rate. Significantly, the investment made in this scheme comes under the exemption under Section 80C of the Income Tax Act, 1961. In such a situation, income tax exemption can also be found from this investment. Also Read: How To Check Purity of Gold: Check gold purity from mobile app
Tax exemption on education for children: Tuition fee tuition fee for the education of children comes under the tax exemption under section 80C of income tax. This exemption is available on the tuition fees deposited for taking a course in a government or private school, college or any institution. However, this exemption can only be missed on the education of two children for a full time regular course.
